BioCatch brings behavioural biometrics to ACI Worldwide
A new partnership between real-time electronic payment and banking solutions provider, ACI Worldwide, and behavioural biometrics firm, BioCatch, plans to deliver better online and mobile fraud prevention to banking customers, reports David Penn at Finovate.
Along with the analytic capabilities of ACI Worldwide’s UP Payments Risk Management, BioCatch’s behaviour assessment technology will help institutions defend themselves and their customers from a growing variety of cyberthreats.
“Fraudsters are consistently finding new ways to infiltrate banks’ systems”
“As online and mobile banking proliferates, fraudsters are consistently finding new ways to infiltrate banks’ systems, creating havoc for consumers and businesses alike,” BioCatch CTO and founder Avi Turgeman says. “By using behavioural data to distinguish between a genuine customer and a fraudster – whether human or non-human – we are able to detect fraudulent activity in real-time and protect consumers.”
ACI Worldwide global director for Payments Intelligence & Risk Solutions Cleber Martins points to threats like account takeover, social engineering, and bots as the main obstacles for institutions that are attempting to provide “enriched customer experience(s)”.
Founded in 2011 and headquartered in Israel, BioCatch has raised $41.6 million in funding, and includes Blumberg Capital, OurCrowd, and Maverick Ventures Israel among its investors.
In October, the company announced that it was partnering with seven, tier-one Latin American banks in Brazil, Chile, Colombia, and Mexico.
Earlier this year, BioCatch teamed up with ForgeRock, offering its behavioural biometrics solution as an integrated module to ForgeRock’s platform.
ACI Worldwide powers electronic payments for more than 5,000 institutions globally, including more than 1,000 of the world’s largest financial institutions and service providers.
Founded in 1975 and based in Naples, Florida, ACI Worldwide has a market capitalisation of $3 billion.
